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Correlate Energy Converts Nearly $8 Million of Debt into Preferred Equity, Strengthening Financial Position and Converting Most of Its Debt into Equity
BOISE, Idaho, July 25, 2024 (GLOBE NEWSWIRE) -- Correlate Energy Corp. (OTC:CIPI), a leading provider of comprehensive decarbonization solutions, announced that on June 14, 2024, the Company finalized agreements with its debtholders to convert over $7 million of the Company's outstanding notes payable as well as approximately $1 million of long term accounts payable into equity. This strategic move strengthens the Company's balance sheet and positions it for continued growth.
Under the terms of the debt conversion agreements, the debtholders converted their notes and accounts payable into shares of the Company Series A Convertible Preferred Stock and shares of the ...